How Can I Get an SBA Loan Deferment?
Are you straining with your SBA loan repayment and you are opting to defer the loan. Read this article to know how you can get an SBA loan deferment.
Financial institution officers and a bank consumer had been charged inside the Chicago area Tuesday with fraud for submitting a false loan application to the SBA (SBA) for nearly $4 million.
James Graber and Kristin King, along side Ryan Cole of Garland, Texas, were charged by a federal grand jury in Rockford with wire fraud in reference to a mortgage application made to the SBA.
Authorities charged Cole with counts of making false statements to the SBA on a loan application, Graber and King have been each charged with one be count.
The case centers around SunLee Development, which owned a industrial building at 4001 North Perryville Rd., in Loves Park, Illinois. SunLee acquired three loans totaling greater than $3 million at a nearby financial institution in which Graber, 57, was employed as a vice president and King, forty four, was also employed as a VP and government guaranteed lending specialist. Cole, 45, and a member of SunLee, guaranteed the three loans and therefore was liable in the event of default.
SunLee fell behind on its loan because of tenants at 4001 North Perryville failure to pay rent. The indictment alleges that Cole helped tenants at 4001 North Perryville to apply for an SBA guaranteed loan and to purchase the building from SunLee. The tenants and Cole are known as the Perryville Investment Group.
The indictment states that in March of 2012, Cole, Graber and King submitted a $3.98 million loan application to the SBA for the Perryville Investment Group that contained false statements and hid material statistics. The Perryville Investment Group subsequently defaulted on the SBA loan.
Each count of wire fraud, making false statements and concealing material facts to the SBA comes with a maximum penalty of up to 30 years in prison and a fine of up to $1 million.
If you have defaulted on an SBA loan, you may be eligible for an SBA loan offer in compromise. The SBA loan offer in compromise may allow you to settle the debt for less than the full amount. Contact Protect Law Group at 1-888-756-9969 today for a consultation with a qualified SBA workout attorney.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Client personally guaranteed SBA 7(a) loan balance of $58,000. The client received a notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented the client at the hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
Client personally guaranteed SBA 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
Our firm successfully assisted a client in closing an SBA Disaster Loan tied to a COVID-19 Economic Injury Disaster Loan (EIDL). The borrower obtained an EIDL loan of $153,800, but due to the prolonged economic impact of the COVID-19 pandemic, the business was unable to recover and ultimately closed.
As part of the business closure review and audit, we worked closely with the SBA to negotiate a resolution. The borrower was required to pay only $1,625 to release the remaining collateral, effectively closing the matter without further financial liability for the owner/officer.
This case highlights the importance of strategic negotiations when dealing with SBA settlements, particularly for businesses that have shut down due to unforeseen economic challenges. If you or your business are struggling with SBA loan debt, we focus on SBA Offer in Compromise (SBA OIC) solutions to help settle outstanding obligations efficiently.
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